OpenSea’s $13B valuation doesn’t make sense as NFT trading volumes plunge

It may feel like it’s been a few years since OpenSea announced the funding round that pushed its valuation to the $13 billion mark. It was January.
At the time, this column dug into the company’s financial performance and came to a number of conclusions, primarily that the company was generating a lot of revenue. That meant OpenSea appeared somewhat inexpensive at its $13 billion price tag when stacked up against the revenue multiples other unicorns were getting in new, aggressive venture capital rounds.
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